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The Deviation of Production Prices from Labour Values: Some Methodology and Empirical Evidence

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  • Petrovic, Pavle
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    Abstract

    Contrary to what is expected from indirect evidence and two-commodity hypothetical examples, the evdie nce provided in this paper supports David Ricardo's empirical proposi tion that relative prices of production are mainly determined by labo r-value ratios. The results obtained indicate that a 1 percent change in profit rate will cause relative prices to change up to 2 percent, and as the profit rate on gross capital is approximately 5 percent o ne ends up with a "90 percent labor theory of value." The empirical evidence refers to the Yugoslav economy, but the factors that determ ine the deviations considered turn out to be of the same order of mag nitude as in other economies. Copyright 1987 by Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Cambridge Journal of Economics.

    Volume (Year): 11 (1987)
    Issue (Month): 3 (September)
    Pages: 197-210

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    Handle: RePEc:oup:cambje:v:11:y:1987:i:3:p:197-210

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    Cited by:
    1. Oscar De Juan & Eladio Febrero, 2000. "Measuring Productivity from Vertically Integrated Sectors," Economic Systems Research, Taylor & Francis Journals, vol. 12(1), pages 65-82.
    2. Andrew Trigg, 2002. "Using Micro Data to Test the Divergence between Prices and Labour Values," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(2), pages 169-186.
    3. Cottrell, Allin & Cockshott, W. Paul, 2007. "Against Hayek," MPRA Paper 6062, University Library of Munich, Germany.
    4. Cockshott, Paul & Zachariah, David, 2014. "Conservation laws, financial entropy and the Eurozone crisis," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 8(5), pages 1-55.
    5. Andrea Vaona, 2012. "Price-price deviations are highly persistent - extended version," Working Papers 08/2012, University of Verona, Department of Economics.
    6. Freeman, Alan, 1991. "National Accounts in Value Terms: The Social Wage and Profit Rate in Britain 1950-1986," MPRA Paper 52760, University Library of Munich, Germany, revised 05 Feb 1991.
    7. Andrea Vaona, 2011. "A panel data approach to price-value correlations," Working Papers 14/2011, University of Verona, Department of Economics.

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